Correlation Between Ping An and Bingo Software
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By analyzing existing cross correlation between Ping An Insurance and Bingo Software Co, you can compare the effects of market volatilities on Ping An and Bingo Software and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Ping An with a short position of Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Bingo Software.
Diversification Opportunities for Ping An and Bingo Software
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ping and Bingo is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software and Ping An is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Ping An Insurance are associated (or correlated) with Bingo Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingo Software has no effect on the direction of Ping An i.e., Ping An and Bingo Software go up and down completely randomly.
Pair Corralation between Ping An and Bingo Software
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Bingo Software. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 2.49 times less risky than Bingo Software. The stock trades about -0.15 of its potential returns per unit of risk. The Bingo Software Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,712 in Bingo Software Co on October 28, 2024 and sell it today you would earn a total of 35.00 from holding Bingo Software Co or generate 1.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Bingo Software Co
Performance |
| Timeline |
| Ping An Insurance |
| Bingo Software |
Ping An and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Bingo Software
The main advantage of trading using opposite Ping An and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Bingo Software can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Bingo Software will offset losses from the drop in Bingo Software's long position.| Ping An vs. Industrial and Commercial | Ping An vs. Agricultural Bank of | Ping An vs. China Construction Bank | Ping An vs. Bank of China |
| Bingo Software vs. China State Construction | Bingo Software vs. Poly Real Estate | Bingo Software vs. China Vanke Co | Bingo Software vs. China Merchants Shekou |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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